Global Dairy Products Market: Overview
Dairy foods and beverages, being an essential part of our diets, have been witnessing tremendous demand and are expected to continue to do so over the forecast period. As a number of manufacturers have been addressing the needs of the health-conscious populace worldwide, a number of low-fat, lactose-free, and cholesterol-free dairy products have entered the market.
By type of product, the global market for dairy products can be segmented into butter, cheese, milk, cream, yoghurt, buttermilk, ice cream, and lactose-free dairy products.
The report includes a clear, succinct description of the various factors propelling and restraining the growth of the market. The recent technological developments, growth opportunities, and market projections are included in the report. The Porter’s Five Force Analysis has been leveraged to determine the nature of competition among the leading market players. An assessment of the major segments of the market, alongside a detailed understanding of the competitive scenario has been provided in the report.
Global Dairy Products Market: Drivers and Trends
The absence of strict regulatory frameworks and increasing volume of funds from private and public sectors have been stimulating the growth of the global market for dairy products. The flourishing agriculture and animal husbandry industry in several regions of the world has been responsible for the growing production of milk products.
While cow milk is predominantly used in the production of numerous dairy products, buffalo milk is also being used in several countries such as India, Egypt, China, and the Philippines. The rising number of convenience stores, supermarkets, department stores, and hypermarkets across the world has also been promoting the growth of the market.
A plethora of products offered by numerous brands have been flooding the market. For instance, butter is available in a number of forms such as flavored butter, spreadable or whipped butter, butter blends, European-style sticks, American-style sticks, and non-dairy alternatives. New products are arriving in the market every day. For instance, in April 2017, Tillamook County Creamery Association launched an entirely new cheddar cheese product to its Farmstyle Cut line range of products.
Global Dairy Products Market: Regional Outlook
Asia Pacific commands the largest share in the global market for dairy products, driven by easy availability of raw materials, presence of animal husbandry as one of the key industries, and growing consumer base. North America might register moderate to sluggish growth rate during the oncoming years, thanks to the declining domestic demand for dairy products and the preference for dairy substitutes.
India, termed the ‘oyster’ of the global dairy industry, is perhaps the largest dairy product producer on a global scale. It is expected to hold a major share in the global market for dairy products. Dairy products such as buttermilk, butter, ghee, paneer (cottage cheese), dahi (yoghurt), lassi, and milk-based sweets are a part of the rich culinary tradition of India and are therefore consumed on a regular basis. China, Indonesia, Malaysia, Bangladesh, and Thailand are also displaying growing demand for dairy products.
Latin America is likely to register high growth rate. It houses Brazil, the world’s second-largest dairy herd after India. Argentina, Peru, Venezuela, Uruguay, and Mexico are also slated for considerable growth.
Companies mentioned in the research report
Several players have been leveling up their presence in the market via product innovations. New players are also initiating product offerings. For instance, PepsiCo India disclosed its plans of entering the Indian dairy market in May 2017.
Arla Foods UK Plc., Nestle SA, Amul, Fonterra Group Cooperative Limited, Dairy Farmers of America Inc., Kraft Foods, Inc., Megmilk Snow Brand Co. Ltd., Danone, Parmalat S.P.A, Meiji Dairies Corp., Dean Foods Company, Sancor Cooperativas Unidas Limited, Unilever N, Parmalat S.P.A, Royal FrieslandCampina N.V., and Groupe Lactalis SA are some of the leading companies operating in the global market for dairy products.